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Entrepreneurship

Cipla Quality Chemical Industries Acquires New Business In Shs4.6bn Deal

CiplaQCIL CEO, Nevin Bradford

Cipla Quality Chemical Industries Ltd (CiplaQCIL) has announced the acquisition of the Human Care    Business of Quality Chemicals Limited (QCL) in Shs4.67bn deal.

“Pursuant  to  Rule  38  (1)  (a)  and  Appendix  4:Paragraph  1  of  the  Uganda  Securities Exchange Listing Rules 2003 (as amended), CiplaQCIL is pleased to  inform  its  shareholders  and  the  public    that  the  Company  has  signed  an  agreement  to  acquire  the  assets  of  Quality  Chemicals  Limited  specifically  relating to the Human Health Care business for the amount of USD. 1,271,747 (UShs4.67bn),” Doreen Pachuto Awanga, CiplaQCIL Secretary said in a statement.

She added: “The acquisition takes the form of a transfer of human business assets including the sales staff overseeing the human health care portfolio.

The Acquisition is expected  to  boost  the  company’s  sales  growth  by  expanding  its  product  breadth while tapping into new business opportunities in the private market.”

The company has also undertaken an ambitious innovation programme to enable additional products to be manufactured at its facility, including the new first-line antiretroviral (ARV) treatment for HIV commonly referred to as TLD, which combines tenofovir (TDF), lamivudine (3TC) and dolutegravir (DTG).

CiplaQCIL set out a target to be registered in 22 countries in Africa this year. The scorecard to date is that 16 countries have granted approvals, 15 are in progress, and 3 new country applications will be made this financial year.

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